White Papers

The trouble with small tick sizes

The Jumpstart Our Business Startups (JOBS) Act delivered two of the three legs of the stool required to revive the U.S. IPO market: 1) a framework to lower costs for small companies accessing the public markets, and 2) a framework to improve company communication with investors in the public and private markets. The authors argue that a framework to realign economic incentives in the public markets, primarily through a higher tick size (the minimum increment in which a stock or other security can trade) pricing regimen, is the essential third leg that is currently missing from the stool and recommend solutions encompassed in what they call The JOBS Act, Part 2.

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